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LONDON - Genel Energy PLC (LSE:GENL) held its Annual General Meeting (AGM) today, where shareholders voted to pass all resolutions presented by the company’s board. The meeting saw the re-election of several directors and the re-appointment of BDO LLP as the company auditor, despite a notable minority opposition on certain resolutions.
The votes, cast on a poll basis, reflected the opinions of shareholders on key corporate governance matters for the oil company. Out of the 279,402,863 ordinary shares, each with one vote, the majority supported the receipt of the audited financial statements for the year ended December 31, 2024, with 90.14% voting in favor.
However, the results also highlighted shareholder dissent on issues such as the Annual Report on Remuneration and the re-election of certain board members. While these resolutions were approved, they faced opposition ranging from 22.51% to 32.93%, suggesting some investor concerns regarding executive compensation and board composition.
The re-election of Mr. David McManus as a Non-Executive Director and Mr. Paul Weir as an Executive Director was endorsed by over 77% of votes. Similarly, the election of Sir Dominick Chilcott as a Non-Executive Director and the re-election of Ms. Canan Ediboglu as a Non-Executive Director were confirmed, with more than 77% of the votes in their favor.
The authority to make political donations, purchase its Ordinary Shares, and hold general meetings with not less than 14 clear days’ notice were other resolutions that received significant opposition but ultimately passed.
In light of the substantial votes cast against several resolutions, the Board of Directors has committed to engaging with shareholders to understand their concerns. The full text of the resolutions and the details of the special resolutions passed are available on the company’s website and the National Storage Mechanism.
The AGM results, based on a press release statement, reflect the ongoing dialogue between Genel Energy and its shareholders as the company continues to navigate corporate governance and strategic decisions in the energy sector.
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